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  "documentTitle": "Verint Systems, Inc. (VRNT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-05-23 00:00:00",
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  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Uses red arrows and boxes to visually link specific line items across different financial tables to demonstrate the 'magic' accounting.",
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      "kind": "callout",
      "text": "Non-GAAP adjustments to Operating Cash Flow were conveniently just enough to push Non-GAAP Operating Cash Flow beyond management’s comp target threshold of $230M (which it did not meet on a GAAP basis)",
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      "kind": "callout",
      "text": "Non-GAAP adjustments to Operating Cash Flow were conveniently just enough to push Non-GAAP Operating Cash Flow beyond management's comp target threshold of $230M (which it did not meet on a GAAP basis)",
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      "text": "Non-GAAP Operating Cash Flow: $230M",
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      "kind": "paragraph",
      "text": "Where is management getting its adjustments from? We can identify two “non-recurring payments” which management could have added back to operating cash flow totaling $14.8M, $7M less than the $21.8M of “non-recurring payments” which management added back to operating cash flow in its proxy statement. And why on earth are they adding interest expense back to operating cash flow? Nowhere else in Verint’s SEC filings is this definition of operating cash flow used. Why should management use it to determine whether it met its compensation targets?",
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      "text": "VRNT FY19 10-K Cash Flow Statement",
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      "text": "Pulling Cash Flow Adjustments Out Of A Magic Hat",
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